05.06.2012 - Canada: Why housing may be less affordable than the indexes suggest

Several articles over the past few months have suggested that since measures of house price affordability remain near historic norms, the chance of a house price correction in Canada is slim.
Certainly this is the strongest argument for continued stability in the Canadian housing market, but like any measure of real estate fundamentals (which admittedly includes real house prices and the price/rent and price/income ratios, which I often reference), affordability measures have their shortcomings...............................................Full Article: Source